Do you find yourself getting frustrated at your 9-to-5 job? Maybe you’re getting tired of dealing with office politics, or maybe you feel like you’re not fulfilling your true potential with your current employer. If you have a lucrative idea for your own business, you don’t need to wait until you can secure a retail space or office location.
Instead, you can begin working to get your business off the ground from home. With fantastic tools like Synder accounting software and plenty of talented contractors looking for remote work, there has never been an easier time to manage a home-based business. Here’s how to start working for yourself from home.
How to build your small business from home:
1. Consider Consulting
You’re already an expert in your current industry. Why not offer your services as a consultant through your own business? You’ve learned the ropes and now you can charge for your expertise. Of course, you’ll need to ensure that you’ve mastered the hard and soft skills that are required to become a successful consultant.
For instance, fantastic consultants tend to be flexible, disciplined, confident, and sociable. In addition, you should be able to navigate any technical programs that are widely used in your field.
2. Craft Your Business Plan
No matter what type of business you want to launch, you’ll need to put together a thorough business plan that covers every aspect of your company’s operations. Which sections do you have to include in your plan? Business Plan Template recommends incorporating 10 key elements, such as an executive summary, industry analysis, marketing strategy, operations and management plans, and more.
In addition, you’ll want to start analyzing your financial projections to create a business budget. Remember, most of this information in this budget will be estimates, and as you start selling your products or services, you’ll likely need to revisit and revise it. In your business budget, note your startup capital, your potential expenses, and how much you can expect to make as you begin marketing your services. Think about how you can keep your initial expenses low.
3. Form an LLC
Want to save money on your taxes, protect your personal assets, and allow for flexibility in your management structure? Form your company as an LLC! To get started, you’ll be responsible for filing the Certificate of Formation.
You might be tempted to hire a lawyer to help you with this process, but that can get quite expensive. Filing it yourself is an option, but if you do want some guidance, you can save big by using an online formation service instead. Before you begin the process, research the requirements for filing in your state since every state has its own rules.
4. Secure Clients
While you’ll have some additional steps to take as you grow your business, you’re finally ready to start landing your first clients. In order to secure those contracts, you’ll need to start marketing your business online and networking remotely and in person.
When it comes to finding your very first clients, you don’t want to leave a single stone unturned; you need to start making inroads with as many people who might need your services as possible.
To reach potential clients online, Mike Gingerich recommends setting up social media accounts for your business, investing in a targeted ad campaign, and publishing a business blog with search engine optimization in mind. You can also use platforms like LinkedIn to connect with former colleagues and other professionals in your industry. In addition, signing up for virtual events and conferences is a great way to network remotely.
5. Design Your Home Office
While working with your first few clients, you might not feel like you need dedicated office space. But as your business expands and you build up a larger clientele, you’ll probably want your own comfortable workspace.
You might be able to transform a guest bedroom into an office, or you could take advantage of a space that you rarely utilize, like your basement or attic. Office Depot recommends purchasing an ergonomic office chair to support good posture throughout the workday. You’ll also want to invest in a desk (for example Stand Desk) with plenty of surface space, bright lighting, and storage tools, like a filing cabinet.
6. Use the Right Tools
Even if you start off your entrepreneurial journey by running your business from your laptop, you’ll eventually want to purchase office tools and software that can help you get everything done with a higher degree of efficiency.
For instance, you might be interested in setting up dual monitors in your home office, which can be especially useful if you find yourself scheduling frequent video conferences with clients.
Before tax season rolls around, you should also choose the right accounting software for your company. If you’re working with other contractors, project and product management software can help you keep everyone on track so that no one misses an important deadline.
7. Stay Productive
When you’re working from home, it can be hard to stay productive. You may be used to having a manager check up on you and hold you accountable. Now, you’re managing your own workload, and you’ve got to stay on task without getting distracted. This is true for your teammates, so it’s a great idea to use an employee time tracking app to boost your productivness.
Working in your home office and telling your family members not to disturb you can help you avoid being interrupted. You can also use website blockers to keep you from accessing your personal social media accounts while working. Sometimes, simply putting your smartphone on airplane mode and leaving it in a drawer for a few hours can also help you boost your productivity.
Finally, don’t forget to take breaks as needed — you don’t need to fill every moment of your day with work to be a successful entrepreneur. And don’t forget to show appreciation to your employees, as it directly intersects with the company’s productivity. You can give pleasant corporate awards to employees with high-performance rates based on manager checkups.
Today, countless entrepreneurs run their businesses right from home, and launching your own home-based business has never been easier. You’ll gain control over your workday, clientele, and rates, and you’ll be able to build the career that you truly want as your own boss. By following these tips, you can successfully run your own business from the comfort of your home!
Do you need accounting software for your small business? Synder can process payments and get you ready for tax season! Sign up for free today.